After trying to force PulteGroup Chairman and CEO Richard Dugas into retirement, Board Director James Grosfeld announced his resignation, according to an article by David Allison for Atlanta Business Chronicle.
Grosfeld, along withcompany founder Bill Pulte and his grandson, held a private meeting with Dugas on March 21 to tell him to step down soon, later insisting that it be by the end of May 2016, or “there would be war,” according to PulteGroup.
Due to these and other actions, the board unanimously (except Grosfield) decided not to nominate Grosfeld as director at the May 2016 Annual Meeting of Shareholders, according to PulteGroup.
Grosfeld, however, announced his resignation on Tuesday, and said it was effective immediately, according to the article by Allison.
From the article:
"I hereby resign from the Board of Directors of PulteGroup, effective immediately. Since the Board meeting of March 22, I have been excluded from a number of subsequent Board meetings, and therefore see no useful purpose of remaining on the Board," Grosfeld wrote in a Tuesday morning email to Dugas.
Previously, in an attempt to diffuse the situation, Dugas announced he would speed up his retirement plans, and resign come May 2017.